"This paper studies an extension of Rogoff (1985) where the central banker can choose
how much effort to exert and thereby learn about a supply shock. With this assumption,
it is not necessarily optimal for society to delegate to a 'conservative' banker. This may
explain why such delegation often is... view more

"This paper studies an extension of Rogoff (1985) where the central banker can choose
how much effort to exert and thereby learn about a supply shock. With this assumption,
it is not necessarily optimal for society to delegate to a 'conservative' banker. This may
explain why such delegation often is a politically controversial issue." (author's abstract)... view less